Leading SMEs of India 2023

Leading SMEs of India 2023 | 59 [ INDIAN SME SECTOR OVERVIEW ] WAY FORWARD Indian MSME sector has immense potential to power India’s goal to become a USD 5 trillion economy by 2025. To achieve this ambitious t a r ge t a nd mo v e t owa r d s Aatmanirbhar Bhavishya, MSMEs need to take full advantage of the conducive policy environment and propel growth to the next level. Over the years MSMEs have made significant contribution to employment generation, GDP, exports, and the exchequer, have emerged as the backbone of the Indian economy. The government has also implemented various support measures for improving credit availability, technology upgradation, marketing, and ease of doing business to address indus t ry chal lenges . Thi s i s expected to not only help boost the growth of Indian MSMEs but also enhance their competitiveness in domestic as well as international markets. Digital ization offers MSMEs a range of opportunities to improve performance, spur innovation, boost productivity and compete w i t h l a r ge f i rms on equa l footing, decrease operation and transaction costs. Digitalization not only helps MSMEs to succeed but bring a culture shift within an organization and changed perception of MSMEs. Undoubtedly, the MSMEs sector is at a crossroads with the future looking upbeat for the industry. Despite the challenges faced by the industry, positive trends such as government support, digital tools, better access to finance and technology, trade facilitation and improved access to global markets among others make it a good time for the MSMEs to take full benefit of these tailwinds to propel growth to a next level. India’s export sectors FY22 (US$ billion) Source: Ministry of Commerce Note: Food & Beverages (HS Code: Chapter 01 to 24), Mineral Products (HS Code: Chapter 25- 27), Chemicals & Pharma (HS Code: Chapter 28 to 38), Plastic & Rubber Products (HS Code: Chapter 39 – 40), Leather, Wood & Paper (HS Code: Chapter 41- 49), Textile & Textile Products (HS Code: Chapter 50 – 63), Building & Construction (HS Code: Chapter 68 – 70), Gems & Jewellery (HS Code: Chapter 71), Ferrous & Non-Ferrous Metals (HS Code: Chapter 72 to 83), Automotive (HS Code: Chapter 87) Engineering Products (HS Code: Chapter 84, 85, 86, 88, 89) ANALYSIS OF MAJOR EXPORT SECTORS Dun & Bradstreet